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the Series B Bonds in the principal sum of $262 , 000 . 00 par value. The <br /> Series B Bonds shall be dated July 1 , 1970 ; shall be in denominations <br /> of $5, 000 . 00 each, except the first two of the Series B Bonds shall <br /> be in denominations of $1, 000 .00 each; may be registrable at the option <br /> of the holder as to principal only; shall bear interest at a rate not <br /> to exceed 4-1/2% per annum, payable on January 1 , 1971 , and semiannually <br /> thereafter on July 1 and January 1 of each year; shall be numbered <br /> from 1 to 54 , inclusive, in direct order of maturity; and shall mature <br /> on January 1 of each year in accordance with the following schedule: <br /> Years Amounts <br /> 1974 $ 2 ,000 <br /> 1975-1977 5 , 000 <br /> 1978-1984 10 , 000 <br /> 1985 15 ,000 <br /> 1986 10 , 000 <br /> 1987-1996 15 ,000 <br /> Both principal and interest shall be payable at the office of the City <br /> Treasurer, Everett, Washington, or, at the option of the holder, at <br /> the fiscal agency of the State of Washington in the City and State of <br /> New York, in any coin or currency which is legally acceptable on the <br /> respective dates of payment for debts due the United States of America. <br /> Section 4 . In the event that the United States Government <br /> is awarded all or a part of the Series A Bonds and/or the Series B <br /> Bonds , the City, at the option of the Purchaser of such bonds , shall <br /> issue single bonds with face values in the amount of the respective <br /> purchases in lieu of individual denomination bonds . Such single bonds <br /> shall be registered as to principal and interest and thereafter shall <br /> be payable as directed by the Purchaser but otherwise conforming to <br /> the requirements of the Series A Bonds and/or Series B Bonds. The <br /> City covenants that upon request of the holder of a single bond, it <br /> shall issue at its own expense and within ninety (90) days from the <br /> date of such request negotiable bearer coupon bonds in the denominations <br /> and $1, 000 .00 and $5 , 000 . 00 , hereinbefore described, in an aggregate <br /> equal to the amount of the single bond still outstanding. The printing <br /> of text of single bonds shall be of type composition on paper of <br /> -5- <br />